New York-based hedge fund acquires 4.9% stake in Convergys

New York-based hedge fund Elliot Management Corp has acquired a 4.9% stake in customer-care outsourcing firm Convergys Corp. Convergys is one of the few publicly traded companies that operate in the outsourced customer care industry, which has been consolidating in recent years. Elliott has active stakes in 25 different companies, including positions in NXP Semiconductors NV, Akamai Technologies Inc., and Alexion Pharmaceuticals Inc., according to data compiled by Bloomberg. Last month, Convergys announced that Andrea Ayers will transition from her role as President and Chief Executive Officer following a nearly 30-year career at the Company.

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